To analyse Bitcoin's
BTCUSDT
future direction, we will use:
Fibonacci Retracements
Trendlines
Traditional Technical Analysis.
To begin with,in order to analyse key levels for BTC; we will use the Fibonacci retracement which with the use of the 0.618 key level we would only begin to buy and accumulate more bitcoin at the levels shown by the green area.
Bitcoin has been trading on a textbook upward trend since the drop before easter, with the Corona Virus and the Quantitative Easing worldwide pushing it further on as this fits the narrative that encouraged the inception of Bitcoin by Satoshi.However, if that trendline is broken, we could go far down and perhaps even expect levels <7200. In that scenario, that may trigger a strong buy area in terms of the institutional long term strategy.
If you are holding Bitcoin or bought in on the last dump to low 9k/high 8k levels, keep an eye out on whether BTC pushes past the last high because if that high is not broken we may be following a textbook bull trap pattern.
Hope you all like the analysis! Will be posting more ideas soon, LIKE & COMMENT Below and Check out the MEGALODON TEAM Tools and Services BELOW!
BTCUSDT
future direction, we will use: Fibonacci Retracements
Trendlines
Traditional Technical Analysis.
To begin with,in order to analyse key levels for BTC; we will use the Fibonacci retracement which with the use of the 0.618 key level we would only begin to buy and accumulate more bitcoin at the levels shown by the green area.
Bitcoin has been trading on a textbook upward trend since the drop before easter, with the Corona Virus and the Quantitative Easing worldwide pushing it further on as this fits the narrative that encouraged the inception of Bitcoin by Satoshi.However, if that trendline is broken, we could go far down and perhaps even expect levels <7200. In that scenario, that may trigger a strong buy area in terms of the institutional long term strategy.
If you are holding Bitcoin or bought in on the last dump to low 9k/high 8k levels, keep an eye out on whether BTC pushes past the last high because if that high is not broken we may be following a textbook bull trap pattern.
Hope you all like the analysis! Will be posting more ideas soon, LIKE & COMMENT Below and Check out the MEGALODON TEAM Tools and Services BELOW!
